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The excitement surrounding Bitcoin NFTs continues to rise, so much so that one enthusiast has exchanged an original CryptoPunk for an Ordinal Punk. This trade has drawn the attention of many in the NFT space, with some questioning whether this was the right move. So, let’s take a closer look at the NFT swap!
Firstly, let’s recap what Bitcoin NFTs are. Casey Rodarmor, a software engineer, introduced the Ordinals protocol to the Bitcoin blockchain on January 21. The protocol enables users and developers to inscribe data, known as Ordinals. This is inscribed onto each of the 100,000,000 units that make up one Bitcoin (commonly known as ‘sats’). This data can include smart contracts, which allows for the creation of NFTs on the blockchain. Essentially, the Ordinals protocol provides a means for builders to develop NFTs on the Bitcoin blockchain.
Ordinal Punks are a collection of Bitcoin NFTs. The collection comprises 100 PFPs that are minted within the first 650 inscriptions and fully on-chain on the Bitcoin blockchain. In comparison, CryptoPunks are an OG NFT collection on the ETH blockchain, often called the first NFT project in history. Now, in what appears to be the first significant swap of its kind, a CryptoPunk has been exchanged for an Ordinal Punk.
The CryptoPunk Ordinal Punk Trade
On February 20th, a Twitter account by the name of ‘Ordinal Punk Sales’ sent out the news. The tweet read: Confirmed trade: Ordinal Punk 16 for CryptoPunk 4155′. The CryptoPunk in question is a male punk, with a forward cap, earring, and goatee. On the other hand, the Ordinal Punk has glasses and no hair.
This swap has caused a buzz in the community, with many wondering whether the CryptoPunk owner has made the right choice. Owning a CryptoPunk is owning a piece of history. However, Ordinal Punks has emerged as one of the most sought-after assets in the NFT space. Besides, both collections have recent sales around the $100k mark, so the monetary value seems equal at the time of writing.
Finally, it is clear to see that the demand for Bitcoin NFTs continues. Through this swap, Ordinal Punks has cemented their status in the NFT realm. As a result, STX – the native cryptocurrency of Stack Network – experienced an increase of 50% in the 24 hours after this trade. As the excitement around Ordinals continues to grow, Bitcoin NFTs are surely one to watch.
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.
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